A refinancing option for homeowners with Fannie Mae or Freddie Mac loans. Offers low-interest rate terms and is available for borrowers with little to no equity. It’s also one of the few options for homeowners who are “upside down” on their loans.
The seizure of a house that has a mortgage loan against it by the lending institution. When a lender issues a mortgage loan, they keep a legal right to seize the property if the borrower is unable to make payments.